Forex stocks rise to new all-time high of $651.51 bn

Mumbai: India’s forex reserves jumped $4.837 billion to a new all-time high of $651.51 billion for the week ended May 31, the RBI said on Friday.

“Touching a new milestone, India’s foreign exchange reserves reached a historical high of $651.5 billion as on May 31,” RBI Governor Shaktikanta Das said in his statement while announcing the bimonthly policy review.

The previous high for the kitty a crucial guard against any disturbances in the external sector was $648.87 billion on May 10.

For the week ended May 31, foreign currency assets, a major component of the reserves, increased by $5.065.51 billion to $572.564 billion, the data released on Friday showed.

Gold reserves decreased $212 million to $56.501 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down $17 million to $18.118 billion, the apex bank said.

India’s reserve position with the IMF was up $1 million to $4.326 billion in the reporting week, the apex bank data showed.